Who Needs the Fed?

This article appears as a full-page ad in the Wall Street Journal today, June 24, 2024, and was made possible by one of our generous donors:

Perhaps nothing in financial news receives more attention than an announcement from the Federal Reserve. About eight times per year, the Federal Reserve’s Federal Open Market Committee meets to formally decide and announce its plans for monetary policy. Every announcement has the potential to cause a rally, or a rout, in financial markets.

It makes sense th...